Idea implementation
Idea Implementation, and exit plan
Question: I Have Selected a Profitable BUSINESS IDEA. What Do I Do Now? What Are The Steps I Should Take First?
You have a profitable business idea. You think it will be giving profit but, you do not know how to convert the idea into reality. Now you need to have a detail to start your business.
How do you know it is a profitable business idea?
The product you produce has a great market demand and so the potentiality. People like the product very much as the product has a great utility.
Tips: Offer a quality product at a low price, the market demand will be increasing gradually.
The steps you are supposed to follow to implement your business idea.
Be Very Clear about the Product or Service you Want to Provide
The product you are choosing, is it a basic product. Does it satisfy the basic needs of human being? Or its an irregular product? See, when you choose a basic product like foods or clothing there will always be demands. Also, you know very well about the product. You know if it is produced locally, and the raw materials for producing these goods are found locally. Or if it is imported from other countries. What type of needs the product satisfies?
Do a Market Research
Conduct a market research for the product. In this stage, you need to know the existing demand of the product. If your product is totally new, you need to find out the future demand of the product.
Try to find out the answers of the questions below:
Make a Business Plan
A business plan consists three elements. Those three elements of a business plan are the business goals you want to achieve, the reasons why they are achievable, and strategies to achieve them. While it is made to impress an investor a business partner, it may include the background information about the organization, and the terms of condition of taking a partner.
Read More on Writing a business plan Instructions.
Advantage of making a business plans are given below
Find Out What Your Target Market is
Who will you sell to?
Who are your target customers?
Will it provide to a specific customer group?
Will it facilitate a group of people in a specific area?
How will you Gather Money/Capital to Invest?
So, you have made your business plan. The most important task to come into play is gathering capital to invest. Most people gather capital from these sources below.
How will you exit?
This is one of the most important part you should be thinking of before investing your capital. Because it is your money that will be waste if everything does not work out as you thought of. What will you do if your idea does not play?
Talk with a Professional
Before starting the implementation, talk with a profession. He/she maybe is a business consultant or maybe a businessperson from the same field you want to enter. Show him/her your business plan and find out the negative aspects.
Managing the Risk
Managing the risk in any business is another very important task to perform. If you do not be pro-active and define the risks associated with your business, you may face difficulties when any unknown incident takes place and reduce your profit. For these reasons, you need to know the steps of risk management process and take steps accordingly.
For Existing Business Organization - Conduct a SWOT Analysis and Improve the Business
The SWOT Analysis allows you to find out the strengths & weakness of, and the opportunities & threats for the business. The findings can be used to the betterment of the business. Some examples of swot analysis may help you to understand the facts properly.
Read Related Articles
You have a profitable business idea. You think it will be giving profit but, you do not know how to convert the idea into reality. Now you need to have a detail to start your business.
How do you know it is a profitable business idea?
The product you produce has a great market demand and so the potentiality. People like the product very much as the product has a great utility.
Tips: Offer a quality product at a low price, the market demand will be increasing gradually.
The steps you are supposed to follow to implement your business idea.
Be Very Clear about the Product or Service you Want to Provide
The product you are choosing, is it a basic product. Does it satisfy the basic needs of human being? Or its an irregular product? See, when you choose a basic product like foods or clothing there will always be demands. Also, you know very well about the product. You know if it is produced locally, and the raw materials for producing these goods are found locally. Or if it is imported from other countries. What type of needs the product satisfies?
Do a Market Research
Conduct a market research for the product. In this stage, you need to know the existing demand of the product. If your product is totally new, you need to find out the future demand of the product.
Try to find out the answers of the questions below:
- What is the current demand in the market?
- Will it be changing in future?
- If changes, to what extent it will change? Negative or positive?
Make a Business Plan
A business plan consists three elements. Those three elements of a business plan are the business goals you want to achieve, the reasons why they are achievable, and strategies to achieve them. While it is made to impress an investor a business partner, it may include the background information about the organization, and the terms of condition of taking a partner.
Read More on Writing a business plan Instructions.
Advantage of making a business plans are given below
- You have a strategy, and you are following it
- Business objectives are clear, and you know why you are doing those
- You can guess better about the future
- A portion of your risks is known; and you are better at managing risk.
- You will be able to convince new capital investors, angel investors, or partners
- Better at delegating
Find Out What Your Target Market is
Who will you sell to?
Who are your target customers?
Will it provide to a specific customer group?
Will it facilitate a group of people in a specific area?
How will you Gather Money/Capital to Invest?
So, you have made your business plan. The most important task to come into play is gathering capital to invest. Most people gather capital from these sources below.
- Own Saving
- Borrowing from Family or Friends
- Partnership Agreement
- Bank Loans
- Angel Investors
- Venture capital
How will you exit?
This is one of the most important part you should be thinking of before investing your capital. Because it is your money that will be waste if everything does not work out as you thought of. What will you do if your idea does not play?
- will you sell it?
- who will you sell it?
- How much capital will be able to save?
- Will you take any new marketing strategy?
- Will you need more fund in future?
- will you take new partner?
Talk with a Professional
Before starting the implementation, talk with a profession. He/she maybe is a business consultant or maybe a businessperson from the same field you want to enter. Show him/her your business plan and find out the negative aspects.
Managing the Risk
Managing the risk in any business is another very important task to perform. If you do not be pro-active and define the risks associated with your business, you may face difficulties when any unknown incident takes place and reduce your profit. For these reasons, you need to know the steps of risk management process and take steps accordingly.
For Existing Business Organization - Conduct a SWOT Analysis and Improve the Business
The SWOT Analysis allows you to find out the strengths & weakness of, and the opportunities & threats for the business. The findings can be used to the betterment of the business. Some examples of swot analysis may help you to understand the facts properly.
Read Related Articles
- A List of Small Business Idea in India
Business IdeaHow Do You Know A BUSINESS IDEA is A Profitable Business Idea? The product you produce has a great market demand and so the potentiality. People like the product very much as the product has a great utility. Gotabout Business Management and Analysis recently published an essay on filtering the most profitable business ideas in Bangladesh. Famous Quotation
"The value of an idea lies in the using of it." Thomas Edison |
Business planA business plan consists three elements. Those three elements of a business plan are the business goals you want to achieve, the reasons why they are achievable, and strategies to achieve them. While it is made to impress an investor a business partner, it may include the background information about the organization, and the terms of condition of taking a partner.
Famous Quotation
"As long as you're going to be thinking anyway, think big." Donald Trump |
Business StrategyA Strategy tells you how smartly you will conduct the operations of your business. Will it be better than that of your competitors? Will it give you advantage over your competitors? Will it allow you to make greater sales? Business strategies are the heart of a business. The smarter your business strategy, the more strength your business organization will have.
Famous Quotation
"Make every detail perfect and limit the number of details to perfect." Jack Dorsey |